I’ve started a business 10 years ago. It was both fun and difficult. Basically, I am more engaged in the machine-trading business. There was one instance where I was not able to fulfill a particular customer requirement, and so happen he was not willing to negotiate for an alteration of the terms. We were on a deadlock on the bargaining table, and he threatened a lawsuit. Of course, I did not want the issue to go that far, so I had to compromise at a loss.
We are living in a very litigious society. People are suing each other for seemingly frivolous reasons – and many of them are winning. We are living in an age in which people spill hot coffee on themselves and awarded damages and when criminals are injured during robberies and successful sue their victims. Therefore, even if you think you have done everything right, you never know when someone else might thing otherwise.
How true! As I type these words, I am even suddenly made conscious that anything that I blog that might be detrimental to someone else could be a basis for a lawsuit. However, for the sake of this discussion, I’d like to ask if your small business is secured or sheltered from these (sometimes, inevitable) lawsuits?
Do not waste time. Insure your small business, however small your operation is. A single complaint from an unsatisfied customer could possible wreaked havoc on your business through liability lawsuits. Insure your business to protect your interest and yourself. Matter of fact, lawsuits can literally caused you to close shop if you have nothing to bank on.
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